SANTO DOMINGO.- The use of electronic payment accounts continues to rise in the Dominican Republic, with more than 665,000 registered users as of March 2025, according to data presented by the Association of Multiple Banks (ABA), highlighting the efforts of the national financial system to promote banking through technological innovations.
This method, promoted by the Central Bank and adopted by both banks and Fintech entities, has gained ground as a practical, safe and accessible solution for making payments, transfers and other everyday operations without the need for a traditional bank account.
The product was integrated into the financial system in 2021 and, according to the Payment Systems Regulation, consists of a credential in favor of a client of a financial intermediation or electronic payment entity (Fintech) in which a certain amount is stored, considered as electronic money and on which payments can be made, explained the ABA.
He explained that electronic payment accounts are mainly used for fund transfers, payments at point-of-sale (POS) terminals, e-commerce purchases, ATM withdrawals, bill payments, and recharging minutes or data.
During the period 2023-2024, the volume of transactions through electronic payment accounts increased by 3.9 million, going from 2.1 million operations in 2023 to 5.9 million at the end of 2024, which represented an increase of 188% during that period, according to the analysis of the ABA which takes as a reference the data of the Central Bank.
Regarding the value transacted through this channel, the Association of Banks detailed that there was an increase ofRD$4,566 million, rising from RD$2,266 million in 2023 to RD$6,833 million at the end of 2024, which represented a 201% increase, the Association stated in a press release.
The ABA noted that, according to the Central Bank's definition, this is a payment instrument intended for the general public, using technological solutions installed on mobile phones. It also allows for linking to physical cards and aligns with international trends in financial system innovation. An initial limit of RD$60,000 per month was established for this instrument, an amount subject to annual adjustments based on variations in the Consumer Price Index (CPI).
"It is important to highlight that the electronic payment account offers a number of advantages for a specific audience, with small-value transactions, since they can be opened from a cell phone or an application without needing to go to a physical branch, without needing to demonstrate income or have a previous banking history," he said.
The banking sector explained that, in addition, it facilitates entry into the financial system for people in rural or low-income areas and does not have maintenance, opening or minimum handling fees like many traditional accounts, thus promoting financial inclusion and access to banking services.
